The Sepulveda Center between Palms and Mars Vista has sold to investment firm Swig Co. of San Francisco for $68.2 million, or about $380 per square foot.
The seller was Newport Beach-based KBS Realty Advisors. Andrew Harper, Ryan Gallagher, Michael Leggett, and Tim Geiman of HFF represented KBS, while Farella Braun + Martel’s Tony Ratner and Quinn Arntsen represented Swig.
The 12-story, 180,000-square-foot center, at 3415 South Sepulveda Boulevard, is Swig’s sixth Los Angeles acquisition, the L.A. Business Journal reported. The building is already 85 percent leased.
Swig is on the lookout for other properties in L.A., said Tomas Schoenberg, the company’s executive vice president of investments.
“L.A. has myriad drivers,” he told LABJ. “We like that diversity, whereas San Francisco is so heavily reliant on tech and software.”
KBS acquired the Sepulveda Center for $50.5 million in 2006, according to CoStar. [LABJ] — Cathaleen Chen